R-96-01-11-10B - 1/11/1996WHEREAS, in connection with the purchase of certain right of
way for the construction of a future roadway, the City has agreed
with First Service Corporation ( "FCS "), that if construction of the
roadway is not begun within a specified time that FCS has the right
to repurchase the right of way for the consideration paid by the
City, and
WHEREAS, the City was reimbursed the purchase price of the
right of way by Cypress Semiconductor (Texas), Inc. ( "Cypress "), and
WHEREAS, the City and Cypress agree that in the event of the
repurchase by FSC, the City shall refund to Cypress the proceeds
received by City from FSC, Now Therefore
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK,
TEXAS,
That the Mayor is hereby authorized and directed to execute on
behalf of the City an Agreement Regarding Roadway with Cypress, a
copy of such agreement being attached hereto and incorporated herein
for all purposes.
RESOLVED this llth day of January, 1996.
ATTEST:
0 11.4/ /I241-.4
E LAND, City Secretary
C.\ H1 \RRSOLUSI \RS62510B.HP0 /kg
RESOLUTION NO. R- 96- 01- 11 -10B
CHARLES CUL PER, Mayor
City of Round Rock, Texas
Agreement Regarding Roadway
This Agreement Regarding Roadway (this "Agreement ") is entered
into between the City of Round Rock, a municipal corporation in the
State of Texas ( "City "), and Cypress Semiconductor (Texas), Inc.,
a Texas corporation ( "Cypress ").
RECITAL S:
A. By letter dated June 20, 1995, from Stephan L. Sheets to
Ann Engles Vanderburg, Cypress agreed to reimburse City for the
actual cost incurred by City in acquiring certain right of way for
a public road adjacent to Cypress' existing facility in Williamson
County, Texas.
B. In connection with the purchase of the right of way, City
has agreed with First Service Corporation ( "FSC "), the current
owner of the right of way, that if construction of a public roadway
upon the right of way does not begin within a specified time
period, FSC has the right (but not the obligation) to repurchase
the right of way for the same purchase price as was paid by City to
FSC (the cost of which was advanced to City by Cypress).
C. City has agreed that in the event of such a repurchase by
FSC, City shall refund to Cypress the proceeds received by City
from FSC for the right of way.
NOW THEREFORE, for and in consideration of the premises and
other valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, City and Cypress agree that in the event
FSC repurchases the right of way from City, as provided in the
purchase agreement for the right of way executed by FSC and City
(the "Purchase Agreement "), City shall deliver to Cypress,
simultaneous with and at the closing of the repurchase, all funds
received by City with respect to the repurchase of the right of way
pursuant to and in accordance with the Purchase Agreement. City
further agrees that City will not amend the Purchase Agreement with
respect to the repurchase of the right of way so as to reduce the
funds payable by FSC as consideration for the repurchase of the
right of way.
Executed on the dates set forth below.
City of Round Rock:
Date: J 1IV /1 I99& By: (( Title: /fix) yoiei
Date: (\ R )
Cypress Semiconductor (Texas), Inc.
c _
By: 1� c� x Crinr —Q
Name: M PrY1.1 vas. 1 F
Title: '77) eN 1 R c" F ntf j
2
RECITAL S:
11 - 28 - 1995 RCVD
Agreement Regarding Roadway
This Agreement Regarding Roadway (this "Agreement ") is entered
into between the City of Round Rock, a municipal corporation in the
State of Texas ( "City "), and Cypress Semiconductor (Texas), Inc.,
a Texas corporation ( "Cypress ").
A. By letter dated June 20, 1995, from Stephan L. Sheets to
Ann Engles Vanderburg, Cypress agreed to reimburse City for the
actual cost incurred by City in acquiring certain right of way for
a public road adjacent to Cypress' existing facility in Williamson
County, Texas.
B. In connection with the purchase of the right of way, City
has agreed with First Service Corporation ( "FSC "), the current
owner of the right of way, that if construction of a public roadway
upon the right of way does not begin within a specified time
period, FSC has the right (but not the obligation) to repurchase
the right of way for the same purchase price as was paid by City to
FSC (the cost of which was advanced to City by Cypress).
C. City has agreed that in the event of such a repurchase by
FSC, City shall refund to Cypress the proceeds received by City
from FSC for the right of way.
NOW THEREFORE, for and in consideration of the premises and
other valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, City and Cypress agree that in the event
FSC repurchases the right of way from City, as provided in the
purchase agreement for the right of way executed by FSC and City
(the "Purchase Agreement "), City shall deliver to Cypress,
simultaneous with and at the closing of the repurchase, all funds
received by City with respect to the repurchase of the right of way
pursuant to and in accordance with the Purchase Agreement. City
further agrees that City will not amend the Purchase Agreement with
respect to the repurchase of the right of way so as to reduce the
funds payable by FSC as consideration for the repurchase of the
right of way.
Executed on the dates set forth below.
Date: s)nNU,42y /l
City of Round Rock:
By:
Name: I "A,
Title: r3' y
Date: r\rA ) 1 �1��1
Cypress Semiconductor (Texas), Inc.
2
BY : �a r 01. v--
Name:
Title: - ,C7 .),,q; ozr�R
�r0 /YhQ n
2 i- vin c t?
DATE: January 9, 1996
SUBJECT: City Council Meeting, January 11, 1996
ITEM: 10.B. Consider a resolution authorizing the Mayor
to execute an agreement for the purchase of right -
of -way adjacent to Cypress Semiconductor.
STAFF RESOURCE PERSON: Steve Sheets
STAFF RECOMMENDATION: Approval of the resolution
Cypress has agreed to reimburse the City for the costs
associated with the acquisition of right -of -way needed for public
access to its planned expansion. The agreement with the seller of
that right -of -way includes a provision that the seller may
repurchase the right -of -way if construction is not begun within a
year. This agreement simply provides that if the seller repurchases
the right -of -way, then the City will refund the purchase amount
back to Cypress.
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